Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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Manhattan Luxury Real Estate Market Report – 8/24

Manhattan Luxury Real Estate Overview

This is the 8th straight week that the luxury $4M and over Manhattan real estate market is below 20 signed contracts. This is likely due to a seasonal slump when buyers and sellers head out of the city. No contract was signed over $10 million the first time in nearly 5 years. It was a good week for co-ops where 6 contracts were signed. The total dollar sales volume was the lowest in a year. Will the numbers rise in September? Stay tuned!

Celebrity Real Estate News

Gongwen Dong buyer of $50M penthouse at 15CPW just shelled out big money for a 432 Park.
At $175M , Former Ford Family estate will be the most expensive listing in the Hamptons.
LUXURY BUZZ! Rich people are paying museums to take away their super valuable art.

Total Number of Manhattan Contracts Signed $4M & Over

There were 14 signed contracts last week vs 17 the week prior. Again, this is the eighth straight week below 20 signed contracts.

Neighborhood Breakdown

East West Midtown Downtown Totals
Co-ops 1 3 0 2 6
Condos 3 2 1 1 7
Townhouses 0 0 1 0 1
Totals 4 5 2 3                         14

 

  • Weekly Sales Volume Total – $87,560,000.
  •  Average asking price was $6,254,286 versus $6,370,882 the prior week.
  • The average number of days on the market was 470 days versus 591 the prior week.
  • 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from original asking price was 4% versus10% the prior week.
  • The Number 1 signed contract was a co-op at 830 Park Avenue #8/9A asking $8,995,000.
  • The Number 2 signed contract at a 236 East 49th Street townhouse, asking price $8.5M.

If you’re curious about the value of your Manhattan home, contact me for a free evaluation.